Applying for a loan with a financial institution goes much further than filling out an application and waiting for it to be approved soon. Among other things, you need to consider it as a very important responsibility that can affect – positively or negatively – your credit life.
Korea has improved the payment commitment by the debtors, as stated by the super financial with the portfolio report, which indicates that $ 412.6 billion pesos were hoarded at the end of September last year. This shows that Korean loans “개인돈대출” that are up to date represented 95.53% of the total portfolio.
Although the figures are positive, what does the 4.47% of the total portfolio that was not hoarded represent? It is the percentage of people or companies that did not plan well how to cope with their financial obligations and that therefore could not pay their obligation on time.
So that you do not become part of this last figure, at Loanman we share 5 basic recommendations, which you should keep in mind before requesting a loan with financial institutions.
Is it absolutely necessary to apply for a loan?
Acquiring debt is completely normal when we want to obtain high value goods and services such as housing, investment, vehicles or education. After all, credits and loans are made to help achieve the goals of the borrower.
But if they are simpler things like a trip, which you can achieve by setting a constant savings goal. It is better that you reconsider the decision to go into debt.
How is your credit history?
It sounds very obvious, but it is an essential aspect before applying for a loan. Because it depends on whether or not they will approve the disbursement and the amount of money to which you can access.
If you have had an exemplary behavior, that is, you have made the payment of your obligations on time; surely you will be able to access the loan easily. But if you have had past problems with accounts and bad reports have been generated to the credit bureaus, it will probably be difficult for you to access a loan or the desired amount of money.Remember, however, that bad grades can be made good by salvation.
Make sure you can pay it
Before signing any promissory note or payment contract. It is necessary to carry out an in-depth study with a calculator, pencil and paper. To determine if the installments and time proposed by the financial institution are adequate for your financial situation.
It is a valid exercise so that you can acquire a loan that is within your ‘debt capacity’, that does not affect your other financial commitments and that, above all, does not negatively affect your reputation in the Applying credit bureaus.
Don’t accumulate debt
When speaking of accumulation of debts, we are not referring to normal monthly obligations such as: rent, services, personal transportation, etc., which are considered as ‘Fixed expenses’. But to credit card accounts, for example.When acquiring a large obligation, it is best to free ‘our pocket’ from others and thereby avoid over-indebtedness.
Analyze different options before applying for a loan
Fortunately, we have many entities in the market that offer this service. So, find out in detail which one is the one that offers the best benefits (interest rates, term, etc.). So you can choose the one that best suits your needs.
If you require a ‘financial push’ remember that Loanman provides its associates with financial resources to encourage them to improve their quality of life, granting amounts up to ten (10) times the value of their income, fulfilling some characteristics.
In addition, it offers competitive interest rates and many benefits in health, recreation, education, sports and travel, among others, for the whole family.